Stock Analysis on Net
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Intuitive Surgical Inc. (NASDAQ:ISRG)

Common-Size Balance Sheet: Assets

Intuitive Surgical Inc., common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 16.46 10.82 17.81 12.19 9.52
Short-term investments 12.55 10.60 16.02 19.55 21.49
Accounts receivable, net of allowances 7.47 6.54 7.32 7.26 5.77
Inventory 8.99 7.93 7.90 6.88 4.33
Net investment in sales-type leases, short-term 0.49 0.70 0.89 1.01 0.81
Other prepaids and other current assets 1.84 1.35 1.14 1.30 1.19
Prepaids and other current assets 2.33% 2.05% 2.03% 2.31% 2.00%
Current assets 47.80% 37.94% 51.08% 48.20% 43.12%
Property, plant, and equipment, net 26.11 24.79 22.91 18.30 13.84
Long-term investments 15.15 25.71 13.73 20.22 32.57
Deferred tax assets 4.98 5.58 5.90 5.12 3.26
Intangible and other assets, net 4.15 4.13 4.12 5.47 4.67
Goodwill 1.81 1.85 2.26 2.69 2.53
Long-term assets 52.20% 62.06% 48.92% 51.80% 56.88%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of assets exhibited notable shifts between 2021 and 2025. Current assets initially increased as a percentage of total assets, peaking in 2023, before declining significantly in 2024 and partially recovering in 2025. Conversely, long-term assets decreased from 2021 to 2023, then increased substantially in 2024, before decreasing again in 2025.

Liquidity and Current Assets
Current assets represented 43.12% of total assets in 2021, rising to a high of 51.08% in 2023. A substantial decrease to 37.94% occurred in 2024, followed by a partial recovery to 47.80% in 2025. This fluctuation suggests changes in the company’s short-term asset management strategies or operating cycle. Within current assets, cash and cash equivalents demonstrated a significant increase from 9.52% in 2021 to 17.81% in 2023, then decreased to 10.82% in 2024 and rose to 16.46% in 2025. Short-term investments followed a decreasing trend from 21.49% in 2021 to 10.60% in 2024, with a slight increase to 12.55% in 2025. Inventory also increased steadily from 4.33% to 8.99% over the period.
Long-Term Investments and Fixed Assets
Long-term investments experienced a considerable decline from 32.57% of total assets in 2021 to 13.73% in 2023, before increasing to 25.71% in 2024 and decreasing to 15.15% in 2025. Property, plant, and equipment, net, consistently increased as a percentage of total assets, rising from 13.84% in 2021 to 26.11% in 2025, indicating ongoing investment in fixed assets. Goodwill decreased steadily from 2.53% to 1.81% over the five-year period.
Other Asset Categories
Deferred tax assets showed an increase from 3.26% in 2021 to 5.90% in 2023, then decreased to 4.98% in 2025. Intangible and other assets remained relatively stable, fluctuating between 4.12% and 5.47% throughout the period. Net investment in sales-type leases, short-term, consistently decreased from 0.81% to 0.49%.

The shifts in asset allocation suggest a dynamic approach to capital deployment. The initial increase in current assets, particularly cash, may reflect a period of accumulation or strategic positioning. The subsequent decrease in 2024, coupled with the increase in property, plant, and equipment, and long-term investments, could indicate a shift towards utilizing accumulated resources for long-term growth initiatives. The fluctuations in long-term investments warrant further investigation to understand the underlying investment strategies and their impact on overall financial performance.

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